MIRA
INFORM REPORT
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Report Date : |
22.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
CARAVAN TEXTILES |
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Registered Office : |
Mir Hashim Khoory
Building, Juma Masjid Road, Al Souq Al Kabir, Bur Dubai, PO Box 42919, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
13.07.1998 |
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Com. Reg. No.: |
76835, Dubai |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importer and Distributors of Ready Made Garments,
Footwear, Watches, Jewellery, Toys, Perfumes and Cosmetics. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 100,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : CARAVAN TEXTILES
Country of Origin : Dubai, United Arab Emirates
Legal Form : Sole Proprietorship
Registration Date : 13th July 1998
Commercial Registration Number : 76835, Dubai
Trade Licence Number : 506518
Membership Number : 50526
Invested Capital : UAE Dh 100,000
Total Workforce : 4
Line of Business : Distributors of ready made garments, footwear,
watches, jewellery, toys, perfumes and cosmetics.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
CARAVAN TEXTILES
ADDRESS
Registered & Physical Address
Building : Mir Hashim Khoory Building
Street : Juma Masjid Road
Area : Al Souq Al Kabir, Bur Dubai
PO Box : 42919
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3595765 / 3531563
Facsimile : (971-4) 3530537
Email : tdh@emirates.net.ae
Premises
Subject operates from
a small suite of offices and a showroom that are rented and located in the
Central Business Area of Dubai.
KEY PRINCIPALS
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Mohamed
Abdullah Aziz Proprietor
& General Manager
LEGAL FORM & OWNERS
Date of Establishment : 13th
July 1998
Legal Form :
Mouassasa Khassa (Sole
Proprietorship)
Commercial Reg. No. : 76835, Dubai
Trade Licence No. : 506518
(Expires 6th July 2008)
Membership No. : 50526
Invested Capital
: UAE Dh 100,000
Mr Mohamed Abdullah
Aziz is the sole proprietor of the business.
Note to the Legal Form
Commonly referred to as an establishment, the Company Law defines
Mouassasa Khassa as the business of an individual where liability for all debts
is unlimited. The business is the entire responsibility of its proprietor, who is
liable for all its debts to the extent of his entire wealth. There are no legal
requirements concerning the amount of capital of a sole proprietor.
LINE OF BUSINESS
Operations : Engaged in the import and distribution of ready
made garments, footwear,
watches, jewellery, toys, perfumes and cosmetics.
Import Countries : Europe and the Far East.
Operating Trend : Steady
Subject has a workforce of 4 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency : United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Total Revenue UAE Dh
4,550,000 UAE
Dh 4,950,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
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Mashreq Bank Plc
Deira Branch
PO Box : 1250
Dubai
Tel :
(971-4) 2229131 / 2221134
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in 1998, subject is owned and managed by Mr Mohamed Abdullah
Aziz who is well respected in the local business community.
Local sources report that the subject’s operating history is clear with
payment obligations met in a generally timely manner. The financial position is
satisfactory and the business is deemed a fair trade risk.
Maximum suggested credit figure: US$ 100,000
NOTE
Please note that
the correct spelling of the subject’s name is “Caravan Textiles”. There is no
listing with the local authorities for a “Carvan Textiles”.
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)